This chemical is primarily used in organic synthesis as a building block for more complex molecules. It is particularly valuable in the pharmaceutical industry for the development of drug candidates, especially those targeting neurological and psychiatric disorders. The compound's structure allows it to act as a precursor in the synthesis of cyclobutane-containing compounds, which are of interest due to their potential biological activity. Additionally, it is employed in the preparation of peptidomimetics, which are molecules that mimic peptides and are used in drug discovery to enhance stability and bioavailability. Its role in medicinal chemistry is significant, as it contributes to the creation of novel therapeutic agents with improved efficacy and reduced side effects.